That fixed property, except buildings, be valued at twenty years’ purchase. That this assessment be converted into a redeemable income-tax, at the option of the proprietor, at five per cent. per annum. That a similar assessment, for the term of ten years, be levied on net profits of trade and agriculture. In 1827, it was proposed to pay one half the debt by an assessment of twelve per cent. upon the entire capital of the country; and, in 1832, another “practical plan” was suggested; “to impose a loan of twenty per cent. upon all the net real property, excepting those whose possessions are less than £100; the amount to be paid either at once, or by instalments, within five years.” To impose a tax of five per cent. for one year upon all incomes of not less than £100 a year, arising from profits of artists and other professional men. To abolish all internal taxes, excepting the land-tax. Other propositions have appeared, but they have been entirely disregarded. The evil day has been deferred, and will continue to be so; but it affects all good citizens to bear in mind that it must eventually arrive; and some future historian will record that the ruin of England arose from the greatness of her national debt, because her citizens were deficient in that abnegation of self which alone could grapple with a great difficulty, save a great country, and alleviate the sufferings of a patient and enduring people. In 1817, the ministry debated the advisability of altering the mode of registering the accounts of the national debt. Many complaints had been made by bankers and merchants, of the long period employed by the Bank of England in preparing for the payment of the dividends; and they contended that six weeks were unnecessary; or, if necessary, that some new method should be tried by which the annoyance might be remedied. The suggestion was taken into consideration, and the system of debentures very generally debated. After much mature thought, it was decided that, though the plan answered very well with foreign securities, the English debt was too gigantic, and the plan would involve too great a risk to be entertained. After much discussion in the journals, and a few questions in the House, the idea was abandoned; nor was it until thirty years from the above time, that the objection of the bankers was met; and, by the arrangements of Mr. William Ray Smee, now in operation at the Bank of England, the stocks closed only three instead of six weeks. CHAPTER XIII. _Progress of Invention.—Public Roads.—Steam.—Duke of Bridgewater.—Canals.—Railroads.—Thomas Gray, their Pioneer.—His Difficulties.—Proposals for the Liverpool and Manchester Railway.—Monopoly of the Canals.—Parliamentary Inquiry.—Extraordinary Opinions of Witnesses.—The Claims of Thomas Gray.—Value of Canal Property._